World vegetable oil and sugar market on August 1st: Palm oil price extends its decline into the sixth session

Published 2023년 8월 1일

Tridge summary

In October 2023, palm oil prices on the Bursa Malaysia exchange dropped by 1.01% to reach a three-week low. Meanwhile, soybean oil prices rose on the Chicago Mercantile Exchange but fell on the Dalian Exchange. The increase in oil prices has made palm oil a more appealing option for biodiesel feedstock, and there are expectations that sugar prices may drop if weather conditions improve. Additionally, Egypt has purchased 150,000 tons of raw sugar from Brazil.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vegetable oil Palm oil contract for delivery in October 2023 on the Bursa Malaysia exchange lost 1.01% to 3,839 ringgit/ton, hitting the lowest level in more than three weeks. Lunch break, this contract closed at 3,885 ringgit ($861.23)/ton. This contract has increased 2.53% in the past July. On the Chicago Mercantile Exchange, soybean oil prices rose 0.43%. On the Dalian Exchange, soybean oil prices fell 0.77% and palm oil prices fell 0.96%. Palm oil prices are influenced by relevant oil prices when competing for share in the global vegetable oil market. Indonesia has fixed the crude palm oil (CPO) reference price at $826.48/ton from August 1-15. This reference price is higher than the level of 791.02 USD/ton in the period of July 16-31. However, export taxes and fees in the first half of August will remain unchanged at USD 33/ton and USD 85 respectively compared to the previous period. According to commodity surveyor AmSpec Agri Malaysia, the country's exports of palm oil ...

Source: Vinanet